Ratan Tata along with American Express Invests in ABRA Digital Currency Startup

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The startups funding is the mantra of the day for the corporate gurus across the world and that is giving rise to many new ideas which are taking shape under the anticipation of getting funded one day. Earlier this trend was more prevalent in western countries, but now India has many VCs who keep funding the innovative projects. In one such case of startup funding, a renowned Indian businessman Ratan Tata along with the major credit card player American Express has invested an undisclosed amount in the startup firm called ABRA, their first Innovative Digital Currency Venture.

The startup firm ABRA is not just the digital currency firm, but it has also announced its entry into the online digital cash based merchant payments and its operation will start from US and Philippines by coming week and soon more countries would be added to it said the sources at ABRA. According to ABRA, The Tata and American Express have made strategic investments into their firm as part of their recently announced series of rounds and it is the first such investments in the crypto-currency world by both Ratan Tata and American Express.

The Crypto-currency is the term defined for the digital and virtual currency that uses the cryptography technology for security purpose which is difficult to counterweight, claims the company sources. One such project of currencies was first launched in 2009, they added.  ABRA app has unique way of sending and receiving the digital money to any Smartphone and it will be using the new network of human arms called ABRA tellers, which will be the individuals or businesses across the world, who will buy and sell the digital cash to and from any consumer against the business commissions using the ABRA app. The sources said that the firm has already started signing up merchants for this new venture and ABRA will launch the Merchant API service later this quarter.

ABRA is basically the digital cash transfer which is peer to peer money transfer network that will represent the global network of consumers helping each other easily deposit and withdraw cash from ABRA app anywhere in the world without the need of ATMs

The ABRA venture is founded by serial entrepreneur Bill Barhydt in 2014; ABRA is based in Silicon Valley, California. Mr. Tata has invested in series of startups in past two years which includes, Snapdeal, Ola and Urban Ladder.

The startup business has better scope in India today compared to earlier days and there is an opportunity for the young generation of India to take up this new challenge and make this as one of their career options. More entrepreneurs are better than more workforce as it will create more avenues for getting more revenue to the country. It will also have an impact on the overall economy of the country. Please do leave your valuable comments and suggestions on this news article.

Source: PTI

Edited by Goa Prism News Desk  

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